FIN 3140 Ch 2

The (3) main sources of networking include:

1. Community Organizations 2. Professional Associations 3. Business Contacts

Two methods used to assess the monetary value of employee benefits are: 1. 2

1. Market Value Calculations 2. Future Value Calculations

Workforce Readiness may be viewed in two main categories:

1. Technical Skills 2. General Skills

_____% of professionals find jobs through personal contacts and networking, while _____% find them through job ads

70%; 15%

Job Vs Career

Job- an employment position to earn money but without regard for interests or opportunities for advancement Career- commitment to a profession that requires continued training and offers a clear path for occupational growth

Informational Interview

a meeting at which you gather information about a career or an organization

Flexible Employee Benefits Programs

allow workers to base their job benefits on a credit system and personal needs

Future Value Calculations

allow you to assess the long-term worth of employee benefits, such as a retirement plan

Flexible Spending Plans (also called expense reimbursement accounts)

allow you to set aside part of your salary for paying medical or dependent care expenses these funds are not subject to income or social security taxes money not used for these specified purposes are forfeited

Medical Spending Account (Archer MSA) or a health savings account (HAS

allows paying healthcare costs with pretax dollars Money in this account can be used for other purposes but the amount is taxed (along with a tax penalty based on age and health condition)

Market Value Calculations

determine the specific monetary value of employee benefits aka- the cost of benefits if you had to pay them

Vesting refers only to the ________'s pension contributions

employer's

Interest

inventories determine the activities that give you satisfaction

Aptitudes

natural abilities that people possess

A tax-exempt benefit

one you don't pay income tax on

You should try to use __________ questions in an informational interview

open-ended

Career planning is enhanced by ______

relevant information

Technical Skills

specialized career training refers to technical skills for a specific profession

Employability Skills (also called transferable skills)

the basic capabilities necessary for obtaining, maintaining, and advancing in a work situation

The Work Environment

the corporate culture refers to management styles, work intensity, dress codes, and social interactions within an organization

The skills gap

the difference between skills needed by employers and the skills possessed by applicants

Vesting

the point at which retirement payments made by the organization on your behalf belong to you even if you no longer work for the organization

Networking

the process of making and using contacts to obtain and update career information

General Skills

traits adaptable to most work situations, sometimes called social intelligence

A common concern among people seeking employment is a lack of ____

work experience

A tax-deferred benefit

you pay income tax at some future time